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May's speech could have been delivered by a Labour party member Credit:
toby melville

What is the appropriate domain of the state versus the market? Since the time of Adam Smith in the 18th century, this has been one of the most important questions in economics. And not only in economics. It goes right to the heart of society itself.

Mrs Thatcher went some way to shrinking the state by initiating a substantial privatisation of publicly owned industry, a hands-off attitude to private business, and a programme of deregulation and reductions in marginal rates of taxation. Her philosophy is widely regarded as the quintessence of belief in unfettered free markets. In fact, this is not quite right – or, at least, not complete.